March 2013 real estate report for NJ

Housing trends: According to the NJMLS, there were fewer homes on the market in March of 2013 than March of 2012 (down about 8.5%). 

The number of active listings at the end of March 2013 was down 23% from March, 2012. Values of homes have increased by over 6% since last year at this time. This confirms a trend we hope will continue. 

There are many more buyers than homes to show because there is pent up buyer demand. Mortgage rates remain very low, making home ownership affordable to more people. Conversely, market rent has increased by about 2.5% compared to last March.

All of which means – it’s a great time to buy and a great time to sell. Multiple offers have become routine in this market. Getting in and out of attorney review is nail biting.

If you tried selling a few years ago, but were not successful; now may be the right time.   Call me or send me an email to ask about your home's value.

Annmarie Cristiani
REMAX Traditions Real Estate
201-815-7861
www.househunter99.com
annmarie.cristiani@gmail.com

First-Time Home Buyers: This Spring's 'Wild Card'?

First-Time Home Buyers: This Spring's 'Wild Card'?

Selling on Your Own? Read This First

HOMES SELL FOR TWO REASONS:  PRICE and EXPOSURE.

PRICE:
If you are selling on your own, without using an agent,  you are doing so in order to save on PRICE.   Time is of less concern and the exposure will not be there.

The question is - will you save on price when you lack exposure? 

The answer is NO, in 90% of the cases, according to the National Association of Realtors.  "FSBOs accounted for 10% of home sales in 2011. The typical FSBO home sold for $150,000 compared to $215,000 for agent-assisted home sales." 

Now, let's do the math.  The commission on a $215,000 house (if listed at 5%) is $10,750.    The average home seller actually walks away with MORE money by using a real estate agent.

Further, homes that are priced accurately draw more buyers.  This spring; RIGHT NOW, is a time of multiple bids on homes that are priced correctly.  Multiple bids actually drive the final sales price up, not down.  


EXPOSURE:
Internet
The current stats tell us that 88% of potential home buyers use the Internet for their home search, and 86% also use a real estate agent (according to the National Association of Realtors).   The Internet and use of social media can make your listing viral, but only licensed agents have access to the MLS.  Sites that are available to buyers are not updated, often inaccurate and reach a far smaller audience.   IDX is an option only agents can use.  An Internet Data Exchange (IDX) is a real estate property search site which allows the public to conduct searches of approved Multiple Listing Service properties in a certain area.   It means that, if listed, your home is available for the world to see by cooperating brokers.

Accessibility
Exposure, however, is not limited to the Internet.  Exposure also means your ability, as a seller, to actually show your own home.  Are you home all day, every night and weekend?   How many buyers do you lose because you don't have an agent to expose your home?   If you are limiting your showings   (for example) to Saturday mornings only, from 10:00 AM - 2:00 PM, you are missing out on a very large buyer pool.  Further, the potential buyer does not want you around while they are looking through the house.    To the buyer, the house is not yours - it's potentially theirs.

Here is the reality and conclusion.  Your home is a commodity,  and it is being sold along side other commodities within your neighborhood.  PRICE and EXPOSURE sell commodities.  When you start to think of your home in this way, you begin to see why a real estate agent can help you get more for this asset.

If you are looking to sell or buy in northern NJ, give me a holler.  I'd be happy to help.

Annmarie Cristiani
Sales Associate
RE/MAX Traditions Real Estate
Website
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Dear current home owners,

 
Contratulations if you wanted to sell your house last year but were not able to because there weren't enough buyers.  You made a smart move by waiting.   The market has changed and it is literally smokin hot.

In Paramus, NJ, homes are being listed and sold within hours in  the $450-$550k average price range.  Why?  Paramus has low taxes and a desirable school system.   

Why is the market over all so hot RIGHT NOW?  Because the buyers who were waiting a few years ago are now out looking for homes - and they are serious.  They have waited, they have saved and they are qualified.  The rates are very low.  Inventory is low, too.  This is why housing starts for builders has been on a progressive rise.  Buyers want more homes to see.

I have qualified buyers, with a mortgage waiting for them, who are renting (which means they can move pretty much whenever), and who seek a home in Paramus NJ.   They are looking for something under $600k.  

If you own such a home, PLEASE DON'T HESITATE TO CALL ME.  I will preview the home, with your permission, and with no obligation.  My handy dandy IPAD is great for taking pictures or video on the spot.  My buyers can preview your home without walking in the door.   If they like what they see, we take it from there.

I am not looking to list your house.  I am looking to sell it.    
Real estate agents have an agreement we use with FSBOs that gives me the ability to show your house to my one specific buyer,  and that's all.  If the buyer wants to purchase the house, the seller pays the agent a negotiated fee for bringing the buyer.  If no deal is made, the agreement is invalid.  I can send you a copy for your review.  You do want to sell your home, don't you?  You have nothing to lose but potentially more to gain.

DO YOU WANT TO WAIT ANOTHER YEAR, HOPING FOR MORE DOLLARS, WHEN THERE ARE BUYERS OUT THERE RIGHT NOW WHO WANT TO PAY YOU NOW?   

Please, send me an email or call me,  or shoot me over a  few pics of your house.  Let's see if I can get you even more than you asked for last year, or the year before; when your home did not sell.  You made a smart move by waiting.  Now is the time to try again.

Annmarie Cristiani
Sales Associate
RE/MAX Traditions Real Estate
www.househunter99.com  website
annmarie.cristiani@gmail.com  email
201-815-7861 cell phone

I recommend +Cianci House  for home staging and interior design.

Exterior Renovation: the most bang for your buck!

Did you know that replacing siding, windows and doors can recoup up to 70% of their cost at resale?

According to the 2013 Remodeling Cost Vs. Value Report, spending money on exterior improvements will give you the biggest bang for your buck when you go to sell.  Why?  Exterior improvements can help with energy efficiency.  In addition, don't neglect the importance of curb appeal to potential buyers. Remember, the outside of your house is the first thing a buyer will see.  

You don't have to go crazy.  Take a look below.  This house desperately NEEDED new siding, replacement windows, a new front window and a new front door.  Making this improvement did not necessarily raise the value of this home in a market of decreasing value (as we had last year). However, it certainly helped the house maintain its value and would make it far easier to sell.  In this market, it could make it move very quickly!  Attracting more buyers means getting more offers on the table.  

In this case, the homeowner did the following, for the cost of about $20,000.00, through a licensed home improvement contractor.

• New premium vinyl siding (go to a reputable manufacturer- don't get the cheap stuff)
• Replacement vinyl windows and front Anderson Window
• New front fiberglass, maintenance free door
• Seamless, capped gutters
• New garage door
• New shutters

Voila!!!!     See below.

If you are a buyer, these are the types of improvements you can make with an FHA 203K renovation loan!  This is ONE mortgage loan which covers the cost of the purchase price plus improvements.  So, a buyer could purchase the 'before' house at a discount, transfer title to their name, and then have money left over after closing to make the improvements themselves.  

Take the time to select a buyers agent or a listing agent who is aware of these options.  Doing so can open up possibilities if you are buying and attract more buyers if you are selling!
Annmarie Cristiani, Sales Associate
REMAX Traditions Real Estate, NJ
www.househunter99.com                          or  Google me
https://www.facebook.com/nothernnjrealestate

Add a level to a level....

Can you add a level to a split level?  Of course you can!  When you can't go 'out', go 'up'.
Find a licensed contractor to get an estimate.  If you are buying the house, see if you can get an FHA 203K loan for the purchase price plus cost of improvements.   Ask me how.

Annmarie Cristiani
Sales Associate
REMAX Traditions Real Estate
www. househunter99.com

Attract More Buyers and Sell Your Home Faster!